After the Big Bang and Before the Next One? Reforming the Financial Supervision Architecture and the Role of the Central Bank - A Review of Worldwide Trends, Causes and Effects (1998-2008)

29 Pages Posted: 2 Feb 2009

See all articles by Donato Masciandaro

Donato Masciandaro

Bocconi University - Department of Economics

Marc Quintyn

International Monetary Fund (IMF)

Date Written: January 2009

Abstract

Today policymakers in all the countries, shaken by the financial crisis of the 2007-2008, are carefully reconsidering the features of their supervisory architecture. Over the last ten years the financial supervision architecture and the role of the central bank in supervision therein has undergone radical transformation. In the wake of the 2007-08 financial crisis, more countries are considering reforms, while others, who went through a round of reforms, are looking at the architecture once again. This paper reviews the insights gained by the literature on this topic and, based on updated information on 102 countries for the period 1998-2008, addresses three questions: which are the main features of the supervisory architecture reshaping? What explains the increasing diversity of the institutional settings? What are so far the effects of the changing face of banking and financial supervisory regimes on the quality of regulation and supervision?

Keywords: Financial Supervision, Central Banking, Comparative Economic Systems

JEL Classification: G18, G28, E58, P51

Suggested Citation

Masciandaro, Donato and Quintyn, Marc, After the Big Bang and Before the Next One? Reforming the Financial Supervision Architecture and the Role of the Central Bank - A Review of Worldwide Trends, Causes and Effects (1998-2008) (January 2009). Paolo Baffi Centre Research Paper No. 2009-37. Available at SSRN: https://ssrn.com/abstract=1336390 or http://dx.doi.org/10.2139/ssrn.1336390

Donato Masciandaro (Contact Author)

Bocconi University - Department of Economics ( email )

Via Gobbi 5
Milan, 20136
Italy

Marc Quintyn

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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